The Manor Formula 1 team has folded after administrators failed to find a buyer to save the operation.

The minnow F1 team’s future appeared bleak when its operating company Just Racing Services was placed into administration on January 6.

Administrators FRP Advisory was then tasked to secure a buyer in a process which has been unsuccessful.

The company has now confirmed that Just Racing Services has ceased trading which will see the Banbury-based team shut its doors.

Staff have been notified that they will be made redundant.

Manor joined the sport, under the Virgin Racing banner, as one of three new teams including Lotus/Caterham and Hispania in 2010. The trio of teams have all since collapsed.

The squad were perviously plunged into administration in 2014 before being saved by Ovo energy company owner Stephen Fitzpatrick in February 2015.

Last season the team enjoyed arguably their most successful season to date scoring a point at the Austrian Grand Prix courtesy of Pascal Wehrlein.

However, missing out on 10th place in the Constructors’ Championship is believed to have cost the outfit $16.8 million in prize money.

A statement issued by FRP Advisory said: “During recent months, the senior management team have worked tirelessly to bring new investment to the team to secure its long term future, but regrettably were unable to do so within the time available and were left with no alternative but to place JRSL into administration to protect the best interests of the underlying businesses and in order to continue a search for a buyer.

“Since their appointment earlier this month the joint administrators at FRP Advisory have continued to work, with the support of senior management, to try and secure new investment into the business resulting in negotiations with a number of interested parties.

“During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.

“Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the Group in its present form.

“With no sustainable operational or financial structure in place to maintain the Group as a going concern, the joint administrators have now ceased trading JRSL and unfortunately have had to send all staff home from work today Friday 27 January.

“While all 212 staff will be paid on Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January.”

Driver Esteban Ocon, who made his F1 debut with the team last year, paid tribute to the squad on social media following the news.

Very sad to hear the news about @ManorRacing today, wishing all the best to all the great and talented people that worked so hard there… pic.twitter.com/dKbeyttKPm

— Esteban Ocon (@OconEsteban) January 27, 2017

Manor F1’s collapse has led to Labour Member of European Parliament Anneliese Dodds to call for a European Commission investigation into the practices of F1 and its distribution of prize money, according to a report from the BBC.